Russia's grain exports in March have beaten last year's records: more than 2.8 million tons have been delivered to the global market.

In the second half of March this year, the Russian Federation exported 2,875,000 tons of grain products. This is significantly higher than in the first ten days of March when only 1,269,000 tons were delivered. Special attention should be paid to the wheat export, which in the second half of March amounted to 2,386,000 tons, a significant increase compared to the early days of March when only 1,068,000 tons were delivered. This information is reported by the Russian Grain Union through the "Interfax" agency. Elena Tyurina, the Director of the union's analytical department, believes that such a positive growth in grain exports is linked to the restoration of the competitiveness of Russian wheat in the global market. She notes that the market is emerging, and these data indicate its recovery. According to her, from the beginning of March, 4,143,000 tons of grain crops have already been exported, which is almost equivalent to the volume for the same period last year. Special attention should be paid to wheat exports, which amount to 3,454,000 tons. This is 1.7% more than the same period last season. At the same time, corn exports decreased by 43.6% to 353,000 tons, and barley exports almost doubled to 336,400 tons. Elena Tyurina is confident that if the growth rates continue, the grain export results for March will exceed last year's results. She predicts that the total volume of grain exports in March will be 6.5 million tons compared to 6.2 million tons in March 2023. Among the major wheat export buyers is Egypt, which purchased 861,000 tons from March 1 to 20. However, this volume is 22% less than last year. Turkey became the second major buyer, but its purchases decreased to 273,500 tons, compared to 607,000 tons the previous year. Libya became the third significant buyer of wheat, increasing its purchases almost threefold to 194,000 tons. Wheat exports to Saudi Arabia increased 2.2 times to 169,000 tons, and to Bangladesh almost threefold, reaching 160,000 tons. As for new buyers, Mexico became one of these markets and purchased 146,000 tons of wheat. Last March, Mexico did not purchase any grain. Additionally, the list of buyers was expanded by Djibouti, which purchased 85,000 tons. Elena Tyurina also reported that Iran became the largest buyer of corn in March, purchasing 159,000 tons. The majority of barley, specifically 102,000 tons, was bought by Saudi Arabia. Tunisia and Israel purchased 26,500 and 24,000 tons of barley, respectively. A total of 33 companies shipped wheat from March 1 to 20, compared to 48 companies the previous year. According to monitoring data, in the second half of March, 1,075,000 tons of grains were shipped through the port of Novorossiysk, which is 9.7% more than in the first half of March. 613,000 tons of grain were delivered through the Azov port, representing a 4.4% increase. Shipments through Rostov-on-Don decreased by 7.6% to 486,000 tons, while transshipment decreased by 5% to 708,000 tons. A total of grain and leguminous products were exported through 16 ports, compared to 20 ports last year. Regarding the price situation in the market, Tyurina stated the following. French wheat is currently sold at a price of $215 per ton, which is 2.4% higher than at the beginning of March. American wheat has decreased by 6% and costs $229 per ton. Prices for Russian wheat (FOB Novorossiysk) have decreased by 6% and amount to $210-211 per ton. According to her, this price reduction is a key factor in the growth of grain exports in the second half of March. She pointed out that the current discount compared to the price of European wheat is $4-5 per ton, while at the beginning of March, the difference was $14. As for the domestic market, Tyurina notes an increase in grain supply from agricultural producers "as stocks are at a sufficiently high level." The average price for 4th grade wheat has decreased by 200 rubles and amounts to 11,000 rubles per ton. In dollar equivalent, the price is $119 per ton, which is 2.8% less than at the beginning of March ($122.5 per ton). Tyurina concluded that the presence of a discount in the price is a significant factor in increasing grain sales.